Retailer, John Wannamaker, is quoted as saying “50% of my advertising is wasted – I just don’t know which half.”
It was true of advertising in the 1800s, and it’s still true today. Measuring the success of ad campaigns can often seem to be half science, half art, all confusing.
The Internet allows businesses reach people in parts of the world, they never would have imagined, but that in itself becomes a problem. With marketing moving from distribution of flyers to measuring Clicks to Website from Facebook campaigns; one wonders why the marketing department STILL shows a poor ROI.
It’s not that they are doing the wrong things; they’re simply tracking the wrong metrics.
One study on display marketing by Cardlytics showed that clicks don’t seem to matter anymore. The study showed that on average, most clickers are not spenders. Clickers may click out of sheer curiosity, but they may not even be the ideal target demographic. When presented with the landing page, they simply click away.
Does this mean you should stop advertising? It’s only to demonstrate the need for tracking what is important to YOUR business.
Social media, Press releases, email marketing; the marketing possibilities are endless. These possibilities can also get overwhelming. Businesses are advised to do this and not that; pin this but don’t tweet that. At the end of the financial year, it seems like a lot of action, but with no results. This occurs because the right metrics haven’t been tracked and measured.
Running a winning marketing campaign goes beyond brainstorming the plan. Can you tell:
- If your message is reaching desired prospects?
- How customers are reacting to your brand message?
- Which branding channels are most effective?
Tracking the right metrics can help determine initial success and provide data for optimizing future campaigns for better results. Some of the most common metrics tracked in digital marketing campaigns are:
- Amount of Content Shared,
- Customer Acquisition Cost,
- Bounce Rate,
- The CLV/CAC Ratio,
- Number of Trial Signups.
While these are recommended, they only form part of a bigger picture. For businesses that want better data about their campaigns, Search and More advises you to track these too:
In Email Marketing.
An underrated but powerful digital marketing channel, email marketing is often measured by open rates and click-through rates. While these can provide a snapshot, they do not show the whole picture. To get a better understanding of subscribers on your list, track:
- Engagement Over Time.
- Device Type, (The onset of Mobilegeddon).
- Unsubscribe rate.
On Social Media.
Across platforms, the metrics tracked by most marketers are brand awareness, reach and brand perception. Social media should be about building relationships and this is best measured via engagement. Mentions and retweets are not enough to give a real world view. Focus on:
- LinkedIn – Starting or contributing to a LinkedIn Group can show your expertise, but if you’re not tracking how your posts are doing, it’s a wasted effort. You should be able to draw a correlation between reshares and LinkedIn views rate. This will give better idea of engagement and reach.
- Twitter – Tools like TweetReach can help you track the reach of a specific keyword or hashtag on Twitter. This allows you track how far your tweet has travelled in a given time frame, allowing you measure campaign effectiveness.
- YouTube – While your YouTube videos may be optimized to rank high, descriptions and tags are not enough. YouTube’s algorithm also factors in metrics like how much of the video is watched, number of comments, shares and likes. This is all used to rank the video, and you should be monitoring them too.
With 94% of B2B marketers using content marketing for lead generation and to increase sales, we can agree that content marketing is an important marketing tool. But with marketers relying heavily on Google Analytics to only measure pageviews and time on site, its efficiency is diminished.
Measuring metrics like lead-close rate, number, (and quality) of external referring sources, even reader comments, (or lack thereof) can provide a more wholesome view of your blogging activities.
By monitoring all this and more, businesses can track success on a broader scale and make plans to increase its rate. It should be noted that tracking boils down to what represents success for an individual company.
While the florist on the corner would prefer increased footfall in-store, the e-Commerce seller would definitely want traffic that convert. For more marketing ideas that work, contact Search and More today.